First experience at sheriff sale. Lots of questions!
My fiancée and I went to a local sheriff sale today strictly as spectators with an interest in bidding next time. I found several things to be confusing.
1. The attorney who was representing the property always opened the bidding at $1 and won 9/10 times with a $1 bid. What does the attorney do with those properties? Are they for his personal use?
2. When there was a competing bidder it was never $2. It went straight to some odd number like 43,701. Where r those numbers coming from?
3. There were 40 people there but only the same 5 guys would actually bid. We're the rest just spectators like me?
4. Why do people allow so many properties to sell for $1? It seems hard not to profit on a price like that.
5. I intend to bid next time around on a property either to use as a rental or a flip. What precautions should I take? Obviously a title search and any type of inspection of the property I can do but what else?